Southeast

CHC Arranges $20M Loan for Renovation, Rebranding of Marriott-Branded Hotel in Knoxville

by Camren Skelton June 22, 2018

KNOXVILLE, TENN. — Cronheim Hotel Capital (CHC) has arranged a $20 million loan for the renovation and conversion of the 378-room Knoxville Marriott into a Delta by Marriott. CHC arranged the non-recourse, three-year loan with two one-year extension options through a national bridge lender. The name of the borrower was not disclosed. Delta Hotels by Marriott feature free Wi-Fi, fitness centers with yoga and Crossfit stations and onsite bars/restaurants. A construction timeline for the Knoxville renovation was not released.

June 22, 2018

Development Office Southeast Tennessee

Endeavor, Granite Properties to Break Ground on 20-Story Office Tower in Nashville’s Gulch District

by Camren Skelton June 21, 2018

NASHVILLE, TENN. — Endeavor Real Estate Group, in a joint venture with Granite Properties, will break ground in early August on Gulch Union, a three-phase mixed-use development in Nashville. Located in The Gulch neighborhood, the first phase is 1222 Demonbreun, a 20-story, 329,000-square-foot office building. Designed by Dallas-based architect HKS Inc. to achieve LEED Silver certification, the office building will feature 6,000 square feet of ground-floor retail space, a fitness center with lockers and showers, a 48-seat training room, indoor/outdoor sky lounge, catering kitchen, micro-market serving snacks and meals and onsite property management. Turner Construction Co. is the general contractor for the building, and International Bank of Commerce is providing construction financing. Austin-based Endeavor and Dallas-based Granite Properties expect to wrap up construction on 1222 Demonbreun in May 2020. Located between 12th and 13th avenues and McGavock and Demonbreun streets, Gulch Union will serve as the gateway into The Gulch, uniting South Gulch with Broadway and Music Row. Future phases of the project will include retail, residential and a boutique hotel.

June 21, 2018

Acquisitions Florida Multifamily Southeast

Lloyd Jones Acquires 444-Unit Apartment Community in Tallahassee for $57.8M

by Camren Skelton June 21, 2018

TALLAHASSEE, FLA. — Lloyd Jones has acquired The Westcott Apartments, a 444-unit multifamily community located at 3909 Reserve Drive in Tallahassee, for $57.8 million. The name of the seller was not disclosed. Constructed in 2000 and 2005, the community offers a mix of one-, two- and three-bedroom floor plans and features two swimming pools, two fitness center, playgrounds and tennis courts. Lloyd Jones plans to renovate The Westcott, which is the Miami-based private equity investor’s second acquisition in the Tallahassee area.

June 21, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $39M Sale of Multifamily Property in Charlotte

by Camren Skelton June 21, 2018

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $39 million sale of 1420 Magnolia, a 204-unit apartment community in Charlotte. Jordan McCarley, Watson Bryant and Marc Robinson of Cushman & Wakefield arranged the transaction on behalf of the seller, Estates & Cos. Hudson Capital Properties acquired the asset. Constructed in 1999, 1420 Magnolia features a car care center, controlled access gates, dog park, fitness center, grilling and picnic areas, business center, yoga/Pilates room and a swimming pool.

June 21, 2018

Acquisitions Industrial North Carolina Southeast

HFF Brokers $32.2M Sale of Five-Building Industrial Campus Near Airport in Greensboro, North Carolina

by Camren Skelton June 21, 2018

GREENSBORO, N.C. — HFF has brokered the $32.2 million sale of Airport Distribution Center, a five-building industrial campus located roughly seven miles from Piedmont Triad International Airport. Situated on 41 acres at 202, 204, 206, 311-F and 311-G N. Chimney Rock Road in Greensboro, the center is minutes from the FedEx Mid-Atlantic Hub, the carrier’s fifth largest U.S. hub. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, a joint venture between Somerset Properties and Thackeray Partners. The name of the buyer was not disclosed. Airport Distribution Center features front-load facilities, clear heights ranging from 24 to 35 feet and rail access to 316,532 square feet of space within buildings 311F and 311G.

June 21, 2018

Georgia Leasing Activity Office Southeast

Allen Morris Signs Spaces to 56,121 SF Lease at Star Metals Offices in Atlanta’s West Midtown District

by Camren Skelton June 21, 2018

ATLANTA — The Allen Morris Co. has signed Spaces to a 56,121-square-foot lease at Star Metals Offices, the commercial component of the mixed-use Star Metals Atlanta development in Atlanta’s West Midtown district. The coworking company will occupy the seventh and eighth floors of the building, located at 1055 Howell Mill Road. The space will include a 5,642-square-foot ground-floor reception area, private business club and 8,000 square feet of outdoor amenity space for Spaces’ tenants. Benjamin Moss of JLL represented Regus, Spaces’ parent company, in the lease transaction, and JLL’s Jeff Bellamy, Brooke Dewey and Elizabeth Koteles represented Allen Morris Co. Star Metals Offices will offer approximately 230,000 square feet of office space, 25,000 square feet of ground-floor retail and a 5,000-square-foot rooftop restaurant and bar. Amenities will include landscaped outdoor terraces, tenant collaboration areas, a fitness center and a bike rack. Oppenheim Architecture and Warner Summers Architecture are designing the building, which is slated for completion in spring 2020.

June 21, 2018

Civic Development District of Columbia Office Southeast

Joint Venture Breaks Ground on Historic School Renovation Project, Adjacent Office Building in D.C.

by Camren Skelton June 20, 2018

WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a 190,000-square-foot office building, located at 2100 L St., on what previously served as the school’s playground. Designed by Martinez & Johnson Architecture, the building features floor-to-ceiling glass, 20,000-square-foot floor plates, a landscaped rooftop terrace and lounge, penthouse conference center, fitness center and an art gallery with outdoor terraces. The building will feature a rotating art gallery of works from African American artists, as well as a statue outside the building and a feature wall commemorating the property’s namesake, Thaddeus Stevens, who was a U.S. congressman. Law firm Morrison & Foerster LLP has preleased 43 percent of the building. The redevelopment will also include a renovation of the school building, which will reopen as a D.C. public school upon completion. The joint venture expects to …

June 20, 2018

Development Georgia Industrial Southeast

Red Rock Underway on 3 MSF Facility at Shugart Farms Industrial Park in Metro Atlanta

by Camren Skelton June 20, 2018

FAIRBURN, GA. — Red Rock Developments is underway on Shugart Farms Phase II, a three-building industrial campus totaling approximately 3 million square feet. The campus is located within Shugart Farms Industrial Park, which will eventually span 16 million square feet and 2,500 acres. The park is located along the Interstate 85 South industrial corridor in Fairburn, roughly 20 miles southwest of downtown Atlanta. Construction is currently underway on a 982,777-square-foot speculative building at the park. Two additional build-to-suit opportunities in Phase II will total roughly 1.5 million square feet and 485,381 square feet. Red Rock expects to wrap up construction on Phase II in the fourth quarter. The first phase of Shugart Farms Industrial Park was delivered last year and included two buildings totaling roughly 2 million square feet. The buildings are leased to Smucker’s and Duracell.

June 20, 2018

Acquisitions Data Centers Georgia Industrial Southeast

Carter Validus Sells Data Center in Metro Atlanta for $64M

by Camren Skelton June 20, 2018

ALPHARETTA, GA. — Carter Validus Mission Critical REIT Inc. has sold the Alpharetta Data Center II in the northern Atlanta suburb of Alpharetta for $64 million. Delaware-based Alpharetta DC LLC acquired the asset, which totals 165,000 square feet. The facility include 50,400 square feet of powered-shell enterprise data center space, 58,814 square feet of office and administration space and 59,746 square feet of supporting infrastructure space. Carter Validus is a REIT that invests in mission critical real estate assets located throughout the United States. Defined as purpose-built facilities designed to support the most essential operations of tenants, mission critical real estate includes data centers and medical facilities.

June 20, 2018

Acquisitions Office Retail Southeast Virginia

Westport Capital, Galaxy Investments Acquire Office, Retail Building in Metro D.C.

by Camren Skelton June 20, 2018

ALEXANDRIA, VA. — A joint venture between Westport Capital Partners LLC and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot office and retail building located at the intersection of King and Royal streets in Alexandria, roughly eight miles south of Washington, D.C. Gerry Trainor of Transwestern arranged the transaction on behalf of the seller, Tavern Square LLC. The sales price was not disclosed. Developed in 1967, the property includes 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-space parking garage. The new ownership plans to renovate the property by modernizing the lobbies, common areas, building exterior and courtyard. Cambridge Holdings will provide construction services for the renovations. In addition, Cambridge will manage the property and handle the building’s leasing assignment.

June 20, 2018

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